Indiana State Broker Real Estate Exam

IN Broker Practice Exam

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Indiana License Requirements

You must be at least 18 years of age
Not have any convictions for acts or crimes that indicate untrustworthy behavior.
The applicant needs to have active experience as a real estate salesperson for at least one year.
Applicants can actually take the exam earlier, but they cannot be licensed until the year is up.
Broker applicants are required to be a resident in Indiana. The license fee for a broker if $60 and the biannual renewal fee is also $60

For more information on state requirements click here.

Indiana Sample Practice Real Estate Exam Questions and Answers

Indiana State Section

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Question 1

Is Indiana a community property state?

A	Yes
B	No

Question 2

A Salesperson license fee is

A	$25
B	$20
C	$50
D	$35

Question 3

What is homestead protection?

A	The estimated value that an asset will have at then end of it's useful life
B	Gradual subsidence of waters, leaving dry land
C	The status provided to a home owner's principal residence that protects the home against judgement up to a specified amount.
D	Net cash remaining to investor after sale of investment property

Question 4

Which is not necessary for a valid contract?

A	due date
B	Legal object
C	Offer
D	acceptance

Question 5

What term means "going to the state?"

A	Eminent Domain
B	escheat
C	police power
D	Taxation

Question 6

Does Indiana allow reciprocity with other states?

A	Yes
B	No

Question 7

Does Indiana have dower laws?

A	Yes
B	No

Question 8

What is a holographic will?

A	a standard boiler plate will.
B	a will that has been approved by each family member.
C	a will and testament that has been entirely handwritten and signed by the testator.
D	a will that displays in 3D

Question 9

Whom is responsible for maintaining a habitable property and for complying with local housing and building codes?

A	Lessor
B	Lessee
C	Agent
D	Buyer

Question 10

Which of the following would not put a sales person in jeopardy of losing their license in Indiana?

A	Convicted of a felony
B	Placing an ad claiming to be a broker when they are not.
C	Being authorized to accept and excessive commission.
D	Depositing his/her clients escrow money into a personal account

Question 11

Which tenancies does Indiana allow?

A	joint tenancy
B	neither
C	both
D	Tenancy by the entirery

Question 12

Which of the following is required for an applicant to receive a Real Estate License?

A	Must be 25 or older
B	Must have lived in the state for more than a year
C	Must sit and pass the required exam
D	Must have a Bachelors degree

Question 13

How often is Continuing Education due?

A	Every 4 years
B	Every 2 years
C	Every 3 years
D	Every year

Question 14

The license law is administered by

A	Commission for Real Estate
B	Indiana Department of Real Estate
C	Indiana Real Estate Commission
D	Department of Real Estate

Question 15

Which of the following does not participate in reciprocity with Indiana?

A	Connecticut
B	New York
C	Georgia
D	Florida

Question 16

Which of the following is a landlord's option for a tenant not paying rent?

A	lock the tenant out of the apartment
B	shutoff the gas
C	shut off the power
D	unlawful detainer action in court

Question 17

Which of the following isn't part of a deed?

A	Premises
B	Habendum
C	acknowledgement
D	novation

Question 18

Standing trees would be considered

A	Real property
B	Chattels
C	Emblements
D	Personal Property

Question 19

How soon can a broker receive a commission check after a closing in Indiana?

A	Once the offer sheet is signed.
B	When the buyer moves in.
C	After the transaction is completed and funded.
D	Once the seller agrees to the price.

Question 20

In what circumstances, if any, can a broker in Indiana who is serving as an intermediary representing both parties collect compensation from both the buyer and the seller?

A	In most circumstances, except when the buyer and seller are related
B	Only when both buyer and seller give informed consent to this arrangement
C	None; the broker may only collect compensation from one party to a transaction
D	Only when both buyer and seller have legal representation

Question 21

Does Indiana offer holographic wills?

A	No
B	Yes

Question 22

How many hours of pre licensing courses is required when applying for your brokers license?

A	90
B	10
C	12
D	14

Question 23

Mortgage "discount" points only apply if which of the following conditions are met?

A	The interest rate on the mortgage loan has been lowered by 2% for each point charged
B	The loan does not close and the buyer owes the lender for services rendered
C	The seller has agreed to pay 1% of the closing costs
D	The interest rate on the mortgage loan has been lowered by 1% for each point charged